Affordable Housing In Bull Shoals
Marion County, Arkansas

3 Low Income Apartment Communities In Bull Shoals

North Arkansas Senior Housing Gravette Bull Shoal

156 Kingsway Cir
Bull Shoals, Arkansas
Subsidized
62+
Accessible
Elderly Supportive Housing

Merriwood Apartments

1002 Morning Glory Dr
Bull Shoals, Arkansas
Subsidized

Lakewind Apartments

1405 C S Woods Boulevard
Bull Shoals, Arkansas
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Guide To Affordable Housing in Bull Shoals, Arkansas

There are 3 low income housing apartment communities offering 124 affordable apartments for rent in Bull Shoals, Arkansas.

Income Based Apartments in Bull Shoals, Arkansas

Bull Shoals features 124 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.

Low Rent Apartments in Bull Shoals, Arkansas

There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Bull Shoals.

Housing Choice Vouchers in Bull Shoals, Arkansas

On average, Section 8 Housing Choice vouchers pay Bull Shoals landlords $300 per month towards rent. The average voucher holder contributes $200 towards rent in Bull Shoals.

The maximum amount a voucher would pay on behalf of a low-income tenant in Bull Shoals, Arkansas for a two-bedroom apartment is between $586 and $716.

2022 Bull Shoals, Arkansas Fair Market Rents and Housing Choice Voucher Payment Standards

Fair Market Rents can be used to better understand the average housing costs of an area. Fair Market Rents are used by HUD to establish payment and rent standards for federal rental assistance programs like the Section 8 Housing Choice Voucher Program.

Studio One BR Two BR Three BR Four BR
Bull Shoals, Arkansas Fair Market Rent $482 $495 $651 $805 $917
Bull Shoals, Arkansas Payment Standard Range $434 to $530 $446 to $545 $586 to $716 $725 to $886 $825 to $1,009

Sourced from federal housing data and AffordableHousingOnline.com research.

Bull Shoals, AR Affordable Housing Snapshot

Total Affordable Apartment Properties 3
Total Low Income Apartments 124
Total Housing Units with Rental Assistance 124
Percentage of Housing Units Occupied By Renters 27.06%
Average Renter Household Size 2.59
Average Household Size 2.23
Median Household Income $35,737 ±$3,576
Median Rent $627 ±$65
Percentage Of Renters Overburdened 39.45% ± 15.89pp
Total Population 2,107

Population and Household Demographics

Bull Shoals is a city in Marion County, Arkansas with a population of 2,107. There are 946 households in the city with an average household size of 2.23 persons. 27.06% of households in Bull Shoals are renters.

Income and Rent Overburden in Bull Shoals

The median gross income for households in Bull Shoals is $35,737 a year, or $2,978 a month. The median rent for the city is $627 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Bull Shoals, a household making less than $2,090 a month would be considered overburdened when renting an apartment at or above the median rent. 39.45% of households who rent are overburdened in Bull Shoals.

Area Median Income In Bull Shoals

Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.

HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Bull Shoals, the AMI is calculated from all households within Marion County.

In Bull Shoals, HUD calculates the Area Median Income for a family of four as $47,900

Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.

Rental Assistance in Bull Shoals

Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.

Income Qualifications for HUD Rental Assistance in Bull Shoals

1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% AMI Income Limits
Renters earning up to 30% of the Bull Shoals AMI may qualify for rental assistance programs that target Extremely Low Income households.
$12,880 $17,420 $21,960 $26,500 $29,250 $31,400 $33,550 $35,750
50% AMI Income Limits
Renters earning up to 50% of the Bull Shoals AMI may qualify for rental assistance programs that target Very Low Income households.
$18,950 $21,650 $24,350 $27,050 $29,250 $31,400 $33,550 $35,750
80% AMI Income Limits
Renters earning up to 80% of the Bull Shoals AMI may qualify for rental assistance programs that target Low Income households.
$30,350 $34,650 $39,000 $43,300 $46,800 $50,250 $53,700 $57,200